Stifel Nicolaus analyst David Grossman maintained a Hold rating on Automatic Data Processing (ADP – Research Report) on March 10 and set a price target of $238.00. The company’s shares closed last Friday at $207.27.
According to TipRanks.com, Grossman is a 5-star analyst with an average return of 17.2% and a 65.4% success rate. Grossman covers the Technology sector, focusing on stocks such as International Business Machines, Definitive Healthcare Corp, and Health Catalyst.
Currently, the analyst consensus on Automatic Data Processing is a Hold with an average price target of $227.22, implying a 7.9% upside from current levels. In a report issued on March 9, Bank of America Securities also upgraded the stock to Hold with a $223.00 price target.
Based on Automatic Data Processing’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.92 billion and net profit of $694 million. In comparison, last year the company earned revenue of $3.59 billion and had a net profit of $648 million.
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Automatic Data Processing, Inc. is one of the leading providers of cloud-based human resources management solutions worldwide. The company has two operating business segments – Employer Services and Professional Employer Organization (PEO). Under the Employer Services segment, the company provides payroll, talent management, benefits administration, workforce management, HR management, insurance, retirement, and compliance services to clients with workforces ranging from a single employee to tens of thousands of staff members across the world. Under its PEO services division, it offers HR outsourcing solutions to small and mid-sized businesses through a co-employment model.
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